Episode: 321 - Cultivating a Positive Mindset on Your Financial Journey
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In today's fast-paced world, managing your finances can seem like a daunting task. You're not alone if you find yourself overwhelmed and asking whether your attitude towards financial challenges is positive or negative. It's crucial to understand that your mindset can significantly affect how you approach financial challenges and, ultimately, shape your results. Let's explore some strategies to maintain a positive mindset as you embark on your journey towards financial freedom.
The Power of Perspective
Imagine two people on the same bus, journeying along a winding mountain road. One looks out to a breathtaking sunset over the peaks and valleys and feels inspired, while the other sees only a foreboding rock face and feels anxious. Both experiences are valid, but the perspectives are vastly different. This analogy perfectly reflects how our outlook can shape our experiences, especially when tackling something like debt.
If you're solely focused on the stress and challenges of debt repayment, it's easy to become discouraged. However, by looking at the process as an opportunity—much like seeing the beautiful sunset—you can transform your perception and motivation. Consider seeking out those who seem to enjoy the journey more than dread it and learn from them. See what they're doing differently and adopt some of their strategies for maintaining positivity.
Celebrating the Small Wins
Every small achievement on your path to being debt-free is worth celebrating. These victories, whether it's saving that extra $10 or having a homemade dinner instead of eating out, are what will propel you forward. Over time, these small wins can lead to substantial progress, like paying off a credit card or fully funding your emergency savings.
Reflect on these achievements regularly and let them motivate you. As stress diminishes, you might even find yourself looking forward to dealing with financial matters—a sign of a positive shift in mindset.
Positivity as a Catalyst for Change
Maintaining a positive outlook doesn't mean ignoring reality or always being cheerful. It’s about acknowledging fears and challenges while choosing to focus on hope and progress. This approach can be transformative, much like how cancer patients benefit from positive thinking during their recovery journey. Debt, in a way, is like a cancer in our financial lives. But with the right mindset, you can treat it, improving your quality of life significantly along the way.
Perseverance and Hope
Remind yourself that we've all survived our worst days before, and we can do it again. Every little win counts. Even if setbacks occur, acknowledge them, learn, and dive back into the work with renewed determination. A positive mindset can substantially impact your success on this journey to debt freedom.
If you're ready to break free from the paycheck-to-paycheck cycle, reduce financial stress, build savings, and finally pay off your debts, start with mindset strategies outlined here. Embrace positivity, celebrate small victories, and stay hopeful—you’re closer to your financial goals than you think.
By internalizing these lessons and keeping a focus on hope and continual progress, you can transform not just your financial life, but your overall well-being, leading to a happier, stress-reduced life
Resources Mentioned
The Totally Awesome Debt Freedom Planner https://www.debtfreedad.com/planner
To learn how to take the stress out of your finances so you can breathe again, follow this link: https://www.debtfreedad.com/lwp-masterclass-opt-in-page-podcast
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Transcript
Kati Hatfield:
When you experience something difficult, do you tend to have a positive or negative attitude? Do you pay attention to the way your mindset affects how you approach a problem? Do you think it impacts your process and the ultimate results? Stay tuned for ideas on how to keep a positive mindset while tackling your finances. Thank you for listening to the Debt-Free Dad podcast, where we help everyday people like you take control of their finances and live a happier, less stressful life. I'm Katie, your host for today's episode, and I've been on my journey to debt freedom for just over six and a half years and I've paid off over $200,000 in student loans, car loans, medical bills and credit card debt, all on a single income.
Kati Hatfield:
Have you ever seen this picture of two people riding a bus the same bus along a winding mountain road? They're each looking out their respective windows on opposite sides of the bus. One is looking out across the mountain range, enjoying a beautiful sunset over the peaks and valleys. They're smiling and holding up a camera to take photos of this magnificent view. The other person is looking at the dark rock wall that the bus seems to be clinging to as they make the treacherous journey up the mountainside. The steep wall is covered in jagged rocks and tree roots. The person looking out this window on this side of the bus looks nervous, stressed, scared. When the bus ride is over and each of these passengers is asked about their experience, do you think they're both going to give glowing five-star reviews and recommend that their friends take this journey? Probably the one that was looking out over the lovely scenery, right? Do you think the one that was facing the rock wall is trembling and thinking the best part of this trip is when it's over and I can get off this bus. If their friends asked if they'd recommend the bus tour, they're likely going to give them a pretty stern warning to skip this ride at all costs. It's terrible, they'll have no fun, they'll be stressed and scared. No, thank you. So even though both people were on the same bus, from the same starting point on the same road, from the same starting point on the same road, to the same destination, their experiences couldn't have been more different. Their viewpoints played a huge part in shaping their journeys. If they had looked around and saw other perspectives were an option. Maybe they would have made a move during the ride that that would have changed their entire outlook.
Kati Hatfield:
The same thing applies when you're on your path of paying off debt. If you think there's only one way that will work, but you're stressed and you're not seeing any positive changes in your finances, you're probably going to want to give up and never do that again. However, if you look around and see that other people are enjoying the process, would it pique your curiosity? Would you be interested in checking out their viewpoint? Would you see them smiling and wonder what are they doing differently? I want the results they're getting. If you can find the positive points in your journey as you get out of debt, even if it feels like small wins that extra $10 you put into savings or making dinner at home instead of going through the drive-thru these will keep you motivated and give you momentum to continue. This will lead to bigger wins, like paying off your smallest credit card, having your emergency fund fully funded and more credit card. Having your emergency fund fully funded and more You'll notice that you feel less stressed when paying bills. You might even look forward to it. Your friends and family might notice this change and get curious. What are you doing differently?
Kati Hatfield:
I know on my journey I always say this concept of getting out of debt is really easy, but putting in the work is probably the hardest thing I've ever done, but it's totally been worth it. Obviously, like I introduced at the beginning of the episode, I've paid off over $200,000 in debt by myself and yes, it's been a lot of work, but it's been a lot of work and I'm so grateful that I'm able. It was probably a lot of fun getting into that debt, although I don't remember everything that I spent money on my credit cards that got me into that big of a hole. But the more I've gotten debt paid off, the less stressed I am, the happier I am, and I had to keep a positive mindset or else I would have never gotten this far in the journey.
Kati Hatfield:
When someone is diagnosed with cancer, it's often thought that the power of positive thinking can actually benefit their recovery during treatment, and you can be positive and think positively without always feeling cheerful and optimistic. Without always feeling cheerful and optimistic. It just means recognizing some of the fears or negative possibilities that might arise during your cancer journey, and that is kind of like a cancer in our lives. Thinking positively can recognize the importance of hope, whatever your situation is. So no matter how big of a hole you've gotten yourself into with debt.
Kati Hatfield:
This is like a treatment for it, and getting out of that debt is going to improve your quality of life. It's going to give you a fighting spirit because this is hard work and you're going to get through it. We survive 100% of all our bad days, so let that be an encouragement to you on your journey as well. Every little win counts. It doesn't matter how small you think it is. It's a win. Take it and then, if you mess up, it's okay. Admit that you made a mistake and jump back in and do the work. You know what to do, so I would just highly recommend the way you look at things is going to make a huge impact on your debt journey. Until next time. Thanks for listening to the Debt-Free Dad podcast.
Brad Nelson:
If you're ready to break free from living paycheck to paycheck. You wanna reduce financial stress? You wanna build savings, finally pay off your debt for good, but again you're not sure where to get started. Don't worry, we've got you covered here. Simplified my Money is sent each Sunday to your email. It's your step-by-step roadmap to better financial control and you also learn easy to follow strategies to manage your money effectively. It's going to be stress-free money decisions. Of all the tools that we're going to give you, these are going to help you simplify your financial life with proven tips that actually work. You're also going to gain the tools and confidence to tackle your financial goals head on. You can sign up for Simplify my Money by clicking the link at the top of the show notes.
